Banks spent £93m lobbying politicians

Stat of the day: £92.8m - How much the financial sector spent lobbying politicians last year.

by
Last Updated: 09 Oct 2013

An investigation has revealed what many of us had already guessed - that the financial services industry spends more money lobbying British politicians than other sectors.


The Bureau of Investigative Journalism, which spent four months analysing data, said 129 organisations are involved in lobbying for financial institutions, employing at least 800 people from sectors including law firms and the banks themselves.


The Bureau found that 26 industry bodies have a £34m lobbying budget - and it wasn't for nothing. The City's lobbying machine secured a string of policy victories, such as the slashing of corporation tax and taxes on banks' overseas subsidiaries.


The Bureau was endowed two years ago by David Potter of Psion fame. It recently uncovered the Bell Pottinger scandal, where undercover journalists filmed Bell Pottinger executives offering to fix meetings between senior government officials, for the right price.


The banking sector's reputation has taken a battering in recent weeks, following the Libor scandal engulfing Barclays. So these lobbying figures are hardly likely to help them win favour again from the British public.

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